MS HB1611

Authorizes the State Bond Commission to issue up to $6,000,000 in general obligation bonds to fund repairs, upgrades, and improvements to Jackson's water and sewer systems.

Creates the "2010 City of Jackson Water and Sewer Systems Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds to the city for eligible projects.

Bonds may have a maturity of up to 25 years, bear interest at rates not exceeding limits in Mississippi Code Section 75-17-101, and may be sold through public bid or negotiated sale.

Pledges the full faith and credit of the State of Mississippi to guarantee bond payments; any shortfall shall be paid by the State Treasurer from unappropriated state funds.

Bond proceeds are exempt from state taxation, and remaining funds after project completion shall be applied to debt service on the bonds; effective July 1, 2010.